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New Sage Energy Corp. Completes Final Tranche of Private Placement

TORONTO, ONTARIO--(Marketwire - Nov. 1, 2007) -

NOT FOR DISSEMINATION IN THE UNITED STATES OR THROUGH U.S. NEWSWIRE SERVICES

New Sage Energy Corp. (TSX VENTURE:NSG) has closed the final tranche of its previously announced private placement raising a total of $1,581,000 through the issuance of 3,952,500 units priced at $0.40 per unit. Each of the units consisted of one common share and one half of one common share purchase warrant. Each whole warrant entitled the holder to acquire one additional common share at a price of $0.50 for two years from the date of issuance. In connection with the 100,000 units issued pursuant to the third tranche of the private placement, the common shares and warrants (which are valid until October 30, 2009) are subject to a hold period that will expire on March 1, 2008. The proceeds of the offering will be used for identifying, acquiring and developing new oil and gas properties and for general working capital purposes.

This news release does not constitute an offer to sell or a solicitation of an offer to sell any securities in the United States. The securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "U.S. Securities Act") or any state securities laws and may not be offered or sold within the United States or to U.S. Persons unless registered under the U.S. Securities Act and applicable state securities laws or an exemption from such registration is available.

THE TSX VENTURE EXCHANGE HAS NOT REVIEWED AND DOES NOT ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.